The Cubs are gloating over the anticipated riches they expect to receive from a new television contract.

For the first time since taking over as the Cubs' baseball president three years ago, spending money won't be an issue for Theo Epstein.

The issue will be how wisely Epstein invests in marquee pitching this winter through free agency and trades while acknowledging the risks and lack of guarantees that he and playoff teams have experienced over the last two seasons.

"It's a dangerous game, but it's important if we want to compete and win, we need to embrace it," Epstein said Friday after he and Crane Kenney, the Cubs' business president, addressed a group of season ticket holders at the Oriental Theatre.

"I never would have come (to the Cubs) if it was important to (Chairman) Tom Ricketts that we make a splash (or make a decision based on public perception). I can't stand when decisions are dictated by appearances or the next day's headlines."

The Cubs have cleared about $41 million from last season's payroll and saved some money from last year's budget after failing to sign free-agent pitcher Masahiro Tanaka. That has freed up enough money to make a strong run at free agents such as Jon Lester, Max Scherzer and James Shields, or attempt to acquire left-hander Cole Hamels from the aging Phillies.

The Chicago Cubs’ bench is bound to get better just by adding one extra player at the expense of one fewer reliever.

Several times manager Rick Renteria was forced to summon a pitcher to the plate in the middle and latter innings of a game because the Cubs carried 13 pitchers, and backup catcher...

And the Cubs' spending might continue at a robust pace in the ensuing seasons, as Epstein and Kenney expressed strong confidence they will land a lucrative television deal by the end of the year.

"Knowing the money will be there changes the lens in which you view every transaction," Epstein said. "If you know there's an elite payroll coming, even if it doesn't come today, it puts you in an aggressive posture. You can take high-salaried players in trades from other organizations."

Kenney said multiple potential TV partners have surfaced and are interested in long-term deals covering 15 to 30 years. Currently 70 games are available after the Cubs and WGN ended their deal, and the Cubs' contract with CSN to telecast the virtual balance of games runs through 2019.

Kenney admitted he misgauged the market when he negotiated a deal with Fox SportsNet in Chicago in 1999 and stressed patience with the regular season less than five months away and no TV deal.

"All I can say is we know what's at stake here, and we're not going to short-arm the negotiations," Kenney told season ticket holders. "I also want to say we're very confident that we're going to have a very good outcome on the television deal."

As successful as Epstein has been in signing starters for the purpose of trading them at midseason for young talent, he didn't shy away from the failures of Edwin Jackson, who is 14-33 since joining the Cubs and has two years and $22 million left on his contract.

"We wouldn't do it over again," said Epstein, who also got a negative return on reliever Kyuji Fujikawa and his two-year, $9.5 million contract. "It's a mistake. But to Edwin's credit, he has shown up every day and worked hard."

Extra innings: The Cubs purchased sidewalk space so that the outer walls of the outfield bleachers would extend to the curb of the sidewalk, Kenney said. The open plaza for mixed use venue is expected to be completed sometime in 2016. … The Cubs actually hired new hitting coach John Mallee as their minor league hitting coach two years ago, only to have him leave after a few days to become the Astros' hitting coach, Epstein said. … New first base/outfield coach Doug Dascenzo worked with Epstein in the late 1990s and with Cubs manager Rick Renteria in the Padres' organization. "(Dascenzo) is not afraid of teaching big league players," Epstein said. "He's not afraid of saying what's needed to be said."